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Updated: 9/29/2020
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Storyboard Text

  • HI Sara, I Have a Question . Yesterday my dad was talking to someone and I heard a word Liability. Do you know what is means??
  • Yes I do. so liability means the amount which the business firm owes to outsiders. There are also types of liability
  • Sam do you know that today I learnt a new terminologybut I still didnt understand the types of liability
  • even I don't know
  • Ma'am what is current liabilities
  • amounts due to be paid to creditors within twelve months.
  • and what is contingent liabilities
  • A contingent liability is a liability that may occur depending on the outcome of an uncertain future event. A contingent liability is recorded if the contingency is likely and the amount of the liability can be reasonably estimated
  • your welcome
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